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Tuesday, April 23, 2024

Trump toughens stand on Chinese investors in US firms


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Washington DC: The Trump administration continues to keep a close watch on Chinese investors in America to protect US investors from what Donald Trump believes was China’s failure to allow audit of US-listed Chinese companies.

U.S. Secretary of State Mike Pompeo warned American investors against fraudulent accounting practices at China-based companies and said the Nasdaq’s recent decision to tighten listing rules for such players should be “a model” for all other exchanges around the world.

His remarks on the issue illustrates the Trump administration’s desire to make it harder for some Chinese companies to trade on exchanges outside of China.

The statements mark the latest flashpoint in U.S.-China relations at a time of escalating tensions between the world’s two largest economies over trade, the coronavirus pandemic and Hong Kong.

“American investors should not be subjected to hidden and undue risks associated with companies that do not abide by the same rules as U.S. firms,” Pompeo said in his statement. “Nasdaq’s action should serve as a model for other exchanges in the United States, and around the world.”

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